unit IV
Terms
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- secondary economic activity
- when a resource is processed into something useful or manufactured into something
- globalization
- integration of a national economy into an international economy through trade, foreign investment, and the spread of technology
- hydroelectric power
- power generated by water
- product assembly
- when the components of an item are shipped to a central location and put together
- purchasing power parity
- the theory that identical products and services in different countries should cost the same
- skilled laborers
- people who must be trained over a long period of time
- processing
- when a natural resource is made into something useful. some examples are mills, refineries, and canneries.
- agribusiness
- large farms owned by corporations
- renewable resource
- a natural resource that can regenerate itself with proper management
- human resource
- the number of people in a country and the skills they possess
- natural resource
- anything from nature that is of value to humans
- textiles
- clothing
- resoruce
- anything that is of value to humans
- telecommunications
- telephone, radio, television, cell phone, and internet networks
- nonrenewable resource
- a natural resource that will run out eventually
- landlocked
- a country that does not have an outlet to the ocean
- developed nation
- a country with a high standard of living
- aesthetics
- how something looks
- industrialization
- the process of replacing human power with machine power
- cash crops
- plants that are grown for export in exchange for money such as tobacco, sugar, and cotton
- primary economic activity
- when a resource is gathered from nature such as farming, hunting, and fishing
- infrastructure
- the basic systems that help an economy run such as roads, telecommunications, schools, and transportation networks
- unskilled laborers
- people who can be trained in a short period of time
- fossil fuels
- coal, oil, and natural gas
- gross domestic product
- the total value of all of the goods and services produced within a country in a year
- environmental degradation
- harming the environment or causing pollution
- capital resource
- money, large buildings, expensive machines, and infrastructure
- tertiary economic activity
- the service sector of the economy
- developing nation
- a country with a low standard of living
- energy resource
- a resource that can be used to generate power
- entrepreneurial abilities
- the ability to start and manage a business